Half of Gen Z Wants Crypto For Christmas

By Hugh Cameron

U.S. News Reporter

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Despite Bitcoin’s recent woes, a new report shows that younger Americans are still eager to see cryptocurrency under the tree this Christmas.

In a survey released Tuesday by Visa Inc., 45 percent of Gen Z said they would be excited to receive cryptocurrency as a gift this year. This compares to only 28 percent of the wider pool of adults, but the preference among younger Americans, according to Visa, signals that crypto is "poised to transform U.S. holiday spending" in the years ahead.

Why It Matters

A multitrillion-dollar wipeout in the crypto market saw the flagship currency recently drop to its lowest level since April, and has rekindled questions around volatility and the value of an asset that has gained such traction in both the private and public sphere.

However, as Visa’s survey and the recent recovery in prices demonstrates, enthusiasm for digital assets may endure and allow crypto to continue on its road toward becoming a mainstream asset class used by sectors from everyday shoppers to large financial institutions.

What To Know

For its report, Visa commissioned the pollster Morning Consult to survey 1,000 adults between October 14 and 16, just as Bitcoin was in the early stages of the market-shaking slump that has spread to other digital currencies.

As well as Bitcoin—which fell from from nearly $125,000 in early October to under $82,000 on November 21—Ethereum has shed roughly a third of its value and XRP has dropped nearly 30 percent from its October peak.

As Visa notes in its report, Gen Z has also led the charge in other forms of "digital-first" consumer behavior, and beyond hoping for crypto as a Christmas gift is also likely to use it for holiday purchases. In fact, some 44 percent of surveyed Gen Zers said they would shop using cryptocurrency.

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Meanwhile, nearly half of all the surveyed adults (47 percent) said that they had used artificial intelligence to assist in their shopping, primarily relying on it to come up with gift ideas.

This shift toward AI-powered shopping was highlighted by recent data on the Black Friday-Cyber Monday rush. According to Adobe Analytics, AI-driven traffic to U.S. retail sites was up 670 percent on Cyber Monday, and has risen 760 percent over Thanksgiving weekend compared to last year.

This helped fuel record online spending on both shopping days, with Cyber Monday hitting $14.25 billion following $11.8 billion on Black Friday.

What People Are Saying

Bruce Cundiff, vice president of Consumer Insights at Visa, said: "The data tells a fascinating story about the spending shift we're witnessing: shoppers are embracing AI and digital tools at remarkable speed, with nearly half of Americans now using AI to enhance their shopping experience. From AI-powered gift discovery to cryptocurrency as a legitimate gift option, we're seeing Gen Z and younger millennials lead a fundamental reimagining of commerce."

What Happens Next

Bitcoin has mounted a modest recovery in recent days, climbing more than 10 percent from its November lows. However, a more sustained rebound will be needed for the currency to return to (and eventually surpass) its record highs.

"Bitcoin fans will be rightly cautious about this rally in the cryptocurrency, having seen so many false dawns in recent months," said Chris Beauchamp, chief market analyst at investment and trading platform IG, in comments shared with Newsweek on Wednesday.

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